Guernsey Offshore

Guernsey (officially the Bailiwick of Guernsey) is the second largest of the Channel Islands located in the English Channel off the coast of Normandy and is a dependency of the British Crown. The Bailiwick of Guernsey has 10 parishes and three islands aswell as the islands of Alderney and Sark which have their own parliament.

Although its defence is the responsibility of the UK it is not a part of the UK or the European Union, although Guernsey is associated with the European Union by virtue of the treaty of accession entered into by the United Kingdom. The capital and financial centre is St. Peter Port. Guernsey has complete control over internal affairs and certain external matters. Guernsey’s legal system came from French customary law although it is also heavily influenced by English Common Law. Members of the Guernsey legal profession are known as advocates and fill both role of solicitors and barristers.

Tourism, manufacturing and horticulture which accounted for the main economy of Guernsey have been on the decline and financial services now account for a large percentage of the total income. At the moment Guernsey have no national debt as its deficit is supported by surplus funds.

The Guernsey Financial Services Commission is the statutory body, which regulates the financial services industry. In addition to the regulation of banking, insurance and fund management companies, there is a licensing system for businesses providing company formation and management services and trustee services. Guernsey is a major centre for captive insurance and offshore fund management activities. Guernsey prides itself on being a well regulated jurisdiction which is not achieved at the expense of client confidentiality. Guernsey has various double tax treaties and information exchange agreements and is currently on the OECD’s white list.

In order to meet its international obligation to operate a tax regime, which treats both onshore and offshore companies in the same manner, Guernsey is in course of changing its tax regulations. The result will be the abolition of the Guernsey exempt company and it is planned to introduce a zero rate of tax for all companies, both offshore and onshore.

Guernsey offshore company regulations

Type of entity

Exempt

Type of law

Common

Corporate taxation

Nil

Double taxation treaties available

UK & Jersey

Share Capital

Usual currency

GBP

Permitted currencies

Any

Minimum paid up

GBP 2

Usual authorised

GBP 10,000

Directors

Minimum number

1

Local resident required

No

Records publicly available

Yes

Corporate Director allowed

Yes

Shareholders / Members

Minimum number

2

Records publicly available

Yes

Location of Meetings

Anywhere

Company Secretary

Required

Yes

Local or qualified

No

Accounts

Required

Yes

Audit required

No

Filing required

No

Publicly available

No

Other

Annual return required

Yes

Change of domicile permitted

Yes

Availability of shelf companies

No

Time to incorporate shelf co

N/A

Time to incorporate new co

5-8 working days

To learn more about Guernsey Corporate services follow the link below or call us on our offices